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Just why did BP et al license blocks joining our WoS acreage especially given that HUR according to our own BOD is virtually dead and buried?
Also we've had this 'Doom Laden' scenario painted by our own BOD about the future of the Lancaster production rate, which hasn't yet materialised. I could quite easily imagine production carrying on for several years albeit (maybe) with an increasing water cut and much higher PoO, how would existing share holders feel if that came to pass and our Company was given away for peanuts - Nah, this lot has got to go, I still smell a stinking rat here somewhere.
"One thing which has surprised me throughout is that nobody has asked for the entire composition of the 'ad-hoc committee' to be revealed, nor the legality of the BoD making decisions in consultation with such a 'committee' without reverting to shareholders saying that such discussions were in progress."
I have (daily) very unfortunately due to the commitments of what I do, I wasn't in a position to table the very simple question, namely:
Your Honour - There is a strong belief from share holders that a severe possible conflict of interests exists between one of the 'Ad Hoc' Bond Holders (maybe more) and HUR share holders and possibly the BOD itself if this situation exists and they (the BOD) know of it. Could I please ask that you take a moment (in private if necessary) to ask just who the Ad Hoc consists of and any vested/conflicting interest.
Wasn't that difficult was it.
" In this case the restructuring imo does not comply with the remit of the (emergency) legislation and that is what the judge is ruling on."
RosieNas - You make a good point, what this comes down to is the Law and in this case how much its been stretched.
"It will be argued that the UBS management of the bonds provides the necessary "Chinese" wall protection - inscrutably!"
So that would be Kerogen (Chinese) hiding behind a Chinese wall - You can't make this kind of sh*t up.
" Chinese are extremely smart operators (unlike HUR’s totally useless BoD) and have many affiliated companies that can hold the HUR bonds on their behalf, hence difficult IMHO to highlight in Court but obvious to most, "
Tux - That's why I keep banging on about Kerogen having any direct financial interest themselves or VIA a third party. This needs to be addressed and outed if found to be the case.
"LOL, someone has just asked the question about BH Kerogen in court!"
Excellent and? .....and?
Lol to myself here, I read your post far to quickly:
"Just bought 2.5k..... Love a gamble!!!"
As
"Judge bought 2.5k..... Love a gamble!!!"
I need a lie down...jeez.
"As crystal clear by now, Kerogen/Chinese affiliates are the ad hoc bondholders here in bed with HUR’s incompetent, arrogant, and very crooked so called BoD."
Tuxedo8 - Well if this definitely is the case, doesn't one think it might just have worth bringing this to the attention of the Judge?
"do you get that albie???"
I think so Maqssod7, Alan Turing would definitely have but I think I have too.
Cheers Alb.
Sadly not Maqsood7.
"our unrestricted cash will be more than the payment need to be made to bond holders!!
according to those figures!"
Is that your assessment or comment made by the Judge?
Why haven't Kerogen got a QC present? Can somebody please ask what Kerogen's Bond holder status is direct or otherwise.
If CA/We do win today, what happens at the next round of voting especially with the oh so secretive Kerogen Capital who haven't received a mention in any of this as far as I can see. Shame no one asked about their Bond interests.
"vessels are customised for HUR so make no sense of blue water leasing to another customer."
Yes HUR spent a small fortune getting AM fitted out in Drydocks World Dubai specifically for the Lancaster Field.
"did you actually read McTiernans and/or AM's statements, where this was addressed?"
Fwiw I did. For me, sadly, I have to say I have no faith or trust that this BOD is actually acting in share holders true and best interests. They seem lazy, contradictory and have been easily led by the Bond Holders.
Isn't in the best interests of the Company and its share holders, it a BETRAYAL! And right now as things stand there is absolutely no reason for it to go through!
RNSTranslater - All along the HUR BOD has taken every opportunity to undermine our company and never said f_all positive in any RNS about rising price of oil and the forecasts for that to continue. They didn't Buy back any Bonds the 'no brainer' option their 'New CPR' is as telling in its negativity as anything Trice's CPR produced to the positive. I suspect the well will chug along nicely producing oil with the possibility of an increasing water cut for some time to come maybe even years.
So if this ridiculous situation gets resolved in our favour (share holders) I see a situation were there maybe is a shortfall of a few $M, peanuts in the grand scheme of things and continuing production from the well (as do Bond Holders). Not a disaster by any measure.
Mr Trice received £234million - That can't be right, terrible journalism.
" WHY DIDN'T HE DO IT THEN? (but back the Bonds)"
Well again speculation on my part but buying back Bonds would push the sp up and make HUR a much more expensive takeover, giving the company to Bond Holders who may also be major share holders makes a takeover a hugely cheaper option for them.